Industrial goods are heavy, bulky, and sensitive to the external atmosphere, and arte hazardous to the environment. Therefore, it is essential to maintain quality of the product for a long time during transportation and storage. One of the largest global diversified packaging companies Sonoco (NYSE: SON), named first in its industry, is selected for Fortune’s World’s Most Admired Companies in the packaging industry for the second consecutive year. Industrial packaging differs from other types of packaging in terms of strength, thickness, and degree of protection. An increase in the activities of building and construction across the globe and other sectors such as foods and beverages along with the swift growth of export industry will augment the overall development of the global industrial packaging market.
The global industrial packaging market will reach US$53. 03 bn by the end of 2016. After expanding in terms of revenue at a CAGR of 4.1% within a forecast period from 2016 to 2024, the global industrial packaging market will reach US$73. 25 bn in 2024.
Rising Global Industrial Packaging Market Demand
The growth of the global industrial packaging market is because of the evolution of industries across the emerging economies in the world. This factor will remain consistent in forthcoming years for the manufacturers in the market. The increasing use of containers with high value is the factor driving the global industrial packaging market. The market will drive the rising trend of launching innovative products and customizable packaging solutions offered by the market vendors.
The growth factor for the global industrial packaging market is the rising demand for high value containers. These are in demand due to the growth of industrial prosperity and the better utility offered by these containers. The global industrial packaging market will grow with the popularity gained by innovative products. Along with this the packaging customizations that manufacturers offer to their clients will also help to cater this market.
However, the global industrial packaging market has become very low and still reducing profit margins held by packaging manufacturers. Nevertheless, this market tends to grow by introducing innovative and customized packaging solution into the market.
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Global Industrial Packaging Development in North America to Boost Market Demand
Based on geography, North America and Europe has the most lucrative market because of the more streamlined process of transport and delivery in the region. However, through the global industrial packaging market is a positive initiative taken for package sustainability, it is responsible to reduce cost per package. As there was sudden rise in volume of the consumer class, the adaptation of new technology has also taken place. The growing APAC population is perhaps the leading cause augmenting the industrial packaging market of the region. Leading players in the global industrial packaging market includes Smurfit Kappa Group, Tekni-Films Inc., Sealed Air Corporation, International Paper, and B.A.G. Corp.